Romney's taxes

September 25, 2012

Senate Majority Leader Harry Reid claimed Mitt Romney paid no taxes for 10 years. Now we know that was not true but still no apology from Reid. Now we know Romney paid millions in taxes over the past 20 years at an average rate of 14.1 percent and contributed tens of millions to charity. He followed the current tax law and even reduced his actual contribution deduction to ensure he maintained his 14.1 percent effective rate. Most of his earnings are in the form of capital gains and dividends.

Now President Barack Obama claims Romney pays taxes at a lower effective rate than the middle class. That makes great headlines, but again is not true.

Middle-class people earning between $50,000 and $75,000 pay an effective tax rate of 7.1 percent, about half of Romney’s effective rate.